# Binary Logit: Peg vs. Float (Intermediate Dropped)

| Variable | Z baseline | Age | Z×KAOPEN | OECD only |
|:---|---:|---:|---:|---:|
| Z_1 | 0.7882*** | | 1.0243*** | 3.1438*** |
| | (0.2275) | | (0.2238) | (0.8724) |
| Z_2 | -0.1219*** | | -0.1532*** | -0.4427*** |
| | (0.0354) | | (0.0343) | (0.1183) |
| Z_3 | 0.0049*** | | 0.0061*** | 0.0173*** |
| | (0.0015) | | (0.0014) | (0.0045) |
| fiscal_bal_gdp | 0.0016 | 0.0018* | 0.0020** | 0.0039 |
| | (0.0010) | (0.0011) | (0.0009) | (0.0035) |
| nfa_gdp_lag | 0.0518*** | 0.0533*** | 0.0487*** | -0.1296*** |
| | (0.0070) | (0.0072) | (0.0064) | (0.0364) |
| rgdp_growth | 0.0046*** | 0.0049*** | 0.0040*** | 0.0028 |
| | (0.0009) | (0.0009) | (0.0008) | (0.0042) |
| kaopen | 0.0126*** | 0.0119*** | 0.0102** | -0.0072 |
| | (0.0037) | (0.0038) | (0.0046) | (0.0120) |
| old_dep | | -0.1422 | | |
| | | (0.1062) | | |
| youth_dep | | 0.0100 | | |
| | | (0.0323) | | |
| Z_1_x_kaopen | | | 0.7206*** | |
| | | | (0.1515) | |
| Z_2_x_kaopen | | | -0.1024*** | |
| | | | (0.0226) | |
| Z_3_x_kaopen | | | 0.0039*** | |
| | | | (0.0009) | |
|:---|---:|---:|---:|---:|
| N | 2841 | 2841 | 2841 | 673 |
| R² | 0.0793 | 0.0652 | 0.0965 | 0.0719 |
| Countries | 119 | 119 | 119 | 28 |

*Standard errors in parentheses. Logit columns report marginal effects at means.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*